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Kagiso Asset Management

PRI reporting framework 2020

You are in Direct - Listed Equity Active Ownership » (Proxy) voting and shareholder resolutions

(Proxy) voting and shareholder resolutions

LEA 12. Typical approach to (proxy) voting decisions

12.1. Indicate how you typically make your (proxy) voting decisions.

Approach

Based on

12.2. Provide an overview of how you ensure that your agreed-upon voting policy is adhered to, giving details of your approach when exceptions to the policy are made.

We have a proxy voting policy that has been distributed to all our investment analysts who are the owners of our investment process and therefore ESG integration strategy. We utilise our policy to vote on proxies and we apply our policy in a disciplined and yet flexible manner. 

Executive remuneration and remuneration policy are not one size fits all and need to be evaluated on a case by case basis. While other governance and voting issues are standard in nature the policy is applied with no exceptions.

We have developed a remuneration policy framework as part of our poxy voting policy to assist our analysts in evaluating remuneration policies that could add value to our clients.

12.3. Additional information.[Optional]

Where necessary,  we amend our votes based on our clients’ voting policies and requests.


LEA 13. Percentage of voting recommendations reviewed (Not Applicable)


LEA 14. Securities lending programme (Private)


LEA 15. Informing companies of the rationale of abstaining/voting against management

15.1. Indicate the proportion of votes participated in within the reporting year in which where you or the service providers acting on your behalf raised concerns with companies ahead of voting.

15.2. Indicate the reasons for raising your concerns with these companies ahead of voting.

Explain

          We raise concerns and engage whenever we vote against or choose to abstain on a particular issue or if we require a better understanding of certain issues, we do not engage based on markets or geographic region and sector specfic issues.
        

15.3. Additional information. [Optional]

We raise concerns and engage whenever we vote against or choose to abstain on a particular issue or if we require a better understanding of certain issues.


LEA 16. Informing companies of the rationale of abstaining/voting against management

16.1. Indicate the proportion of votes where you, and/or the service provider(s) acting on your behalf, communicated the rationale to companies for abstaining or voting against management recommendations. Indicate this as a percentage out of all eligible votes.

16.2. Indicate the reasons why your organisation would communicate to companies, the rationale for abstaining or voting against management recommendations.

Explain

          We communicate or engage whenever we vote against or abstain on a particular resolution or issue and wait to see improvement in the following year.
        

16.3. In cases where your organisation does communicate the rationale for abstaining or voting against management recommendations, indicate whether this rationale is made public.

16.4. Additional information. [Optional]


LEA 17. Percentage of (proxy) votes cast

17.1. For listed equities in which you or your service provider have the mandate to issue (proxy) voting instructions, indicate the percentage of votes cast during the reporting year.

Votes cast (to the nearest 1%)

96.6 %

Specify the basis on which this percentage is calculated

17.2. Explain your reason(s) for not voting on certain holdings

17.3. Additional information. [Optional]

As per our proxy voting guidelines apply in the following instances:                     

  • We shall vote the holdings in our top 30 investee companies.
  • In circumstances where our combined shareholding in an investee company is less than 0.5% of the investee company’s shares in issue, we need not initiate voting.
  • However, the investment analyst or portfolio manager has the discretion to decide to vote any holding falling outside of these circumstances if deemed necessary.

LEA 18. Proportion of ballot items that were for/against/abstentions

18.1. Indicate whether you track the voting instructions that you or your service provider on your behalf have issued.

18.2. Of the voting instructions that you and/or third parties on your behalf have issued, indicate the proportion of ballot items that were:

Voting instructions
Breakdown as percentage of votes cast
For (supporting) management recommendations
80 %
Against (opposing) management recommendations
17 %
Abstentions
3 %
100%

18.3. In cases where your organisation voted against management recommendations, indicate the percentage of companies which you have engaged.

99

18.4. Additional information. [Optional]


LEA 19. Proportion of ballot items that were for/against/abstentions

19.1. Indicate whether your organisation has a formal escalation strategy following unsuccessful voting.

19.2. Indicate the escalation strategies used at your organisation following abstentions and/or votes against management.

19.3. Additional information. [Optional]

We have various escalation strategies from speaking to the board, and voting against peole on the board to initiating collaborative engagements if our individual engagements have been unsuccesful. We divest if we believe those ESG issues cannot esily be resolved and there is significant risk of permanent capital loss for our clients.


LEA 20. Shareholder resolutions (Private)


LEA 21. Examples of (proxy) voting activities (Private)


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